Quote:
Originally Posted by Craig Vernon
Watching the developer compete with pre-owned is fascinating. The entire pre-owned market is overpriced and not selling due to lack of adjustment in pricing related to interest rates. The developer is slashing prices on areas not selling and marketing Eastport against the two years of isolation that area will have related to the whole villages. Would you rather have a 2000 sq ft home for 400k with a fifty thousand plus bond or 450k-1 million for connected updated home with much less bond and a lower tax rate. Fun.fun.fun to watch.
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Eastport isolated? Fenney has been more isolated. Newell and areas east are way more isolated. Try riding your golf cart to Truman golf course or to Loblolly, leave in the morning to get there in the afternoon. Of course the developer will have a sale on areas that don’t sell, like east of Newell close to 470 or Deluna next to 301. Car manufacturers do the same thing. Right now I have friends that have been in multiple lotteries with 50-75 other people vying to buy a new home in Eastport, and that is with higher bond prices. I have multiple friends move from fenney area to Newell with higher bonds but their property costs for pond or view were 1/2 or more than the cost in Fenney.
Used houses in our village are selling if they aren’t shooting for the moon in prices. I know of 3 houses selling for almost double what they paid for them 2-3 years ago and of course they are still on the market. But I have seen houses sell pretty quickly that have made $200k-$300k in 2-3 years.